What is the major difference between a periodic and a perpetual inventory system? Oa. Under the periodic inventory system, the purchase of inventory will be debited to the purchases account. Ob. Under the periodic inventory system, no journal entry is made at the time of the sale of inventory for the cost of the inventory. Oc. Under the periodic inventory system, all adjustments such as purchases returns and allowances and discounts are reconciled at the end of the month Od. All of these choices are correct.
What is the major difference between a periodic and a perpetual inventory system? Oa. Under the periodic inventory system, the purchase of inventory will be debited to the purchases account. Ob. Under the periodic inventory system, no journal entry is made at the time of the sale of inventory for the cost of the inventory. Oc. Under the periodic inventory system, all adjustments such as purchases returns and allowances and discounts are reconciled at the end of the month Od. All of these choices are correct.
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter14: Adjustments For A Merchandising Business
Section: Chapter Questions
Problem 3MC: Under the periodic inventory system, what account is debited when an estimate is made for the cost...
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What is the major difference between a periodic and a perpetual inventory system?
Oa. Under the periodic inventory system, the purchase of inventory will be debited to the purchases account.
Ob. Under the periodic inventory system, no journal entry is made at the time of the sale of inventory for the cost of the inventory.
Oc. Under the periodic inventory system, all adjustments such as purchases returns and allowances and discounts are reconciled at the end of the month
Od. All of these choices are correct.
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